Tuesday, January 31, 2023
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HomeNewsBusinessWall Street declines as Meta considers

Wall Street declines as Meta considers

Wall Street closed lower on Monday. That’s as investors digested Megacap’s latest quarterly results from his Amazon and Facebook owner Meta Platforms, while Peloton reported interest from potential buyers, including Amazon. jumped to Amazon.com Inc traded higher for much of the session after expanding its market cap by nearly $190 billion on Friday’s explosive earnings. Meta Platforms partly contributed to the loss as the social media company’s share price plunged last week after pessimistic forecasts plunged it. Meta was one of the companies to hit the S&P 500 harder than any other stock, and Nvidia made the index higher than any other stock.

The Dow Jones Industrial Average rose 1.52 points (0.00%) to 35,091.26. Tyson Foods Inc saw prices rise as its butchers’ profits nearly doubled in the first quarter, exceeding expectations for price increases. Of the 278 companies in the S&P 500 that reported earnings by Friday, 78% beat analyst expectations, according to Refinitiv data. Last week’s stronger-than-expected jobs report raised investor concerns about the possibility of aggressive monetary tightening by the Fed.

Peloton Interactive Inc rose after reports that Amazon and Nike were considering a potential takeover bid for the exercise bike maker. The S&P 500 is down more than 5% so far in 2022. “Buying Dip was a foregone conclusion by 2022. Dip buying is no longer guaranteed,” said Jake Dollarhyde, chief executive of Longbow Asset Management in Tulsa, Oklahoma CEO said. “Every day, every week, we see corrections in indices and individual stocks.” Preliminary data showed the S&P 500 dropping 16.44 points (0.37%) to 4,484.08 points, while the Nasdaq Composite fell 82.25 points (0.58%) to 14,015.75.

Headline inflation data for January is due to be released on Thursday. The market is currently pricing in the possibility that the Federal Reserve will raise the full 50 basis points in March and that rates will hit 1.5% by the end of the year. Then came Spirit Airlines Inc, and Frontier Group Holdings announced plans to create the fifth-largest US airline in a $2.9 billion merger. This boosted the S&P 1500 Airline Index. The U.S.-listed shares of China’s Alibaba Group Holding fell after registering an additional 1 billion American depositary shares.

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